Banks not fulfilling TCF requirements

Banks have failed to fully implement principles-based regulation surrounding Treating Customers Fairly (TCF) throughout the entire institution, claimed a panellist at the Financial Services Authority (FSA).

John Howard, the chair of the FSA’s consumer panel, said that while financial institutions were generally aware of the importance of TCF principles at the board level, mystery shoppers used by the FSA have shown that more work is needed to demonstrate TCF compliance in all levels of the firm.

“Banks are talking the talk in the board room but not walking the walk on the high street,” Howard told the audience at the FSA’s annual public meeting.

Howard also acknowledged that principles-based

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